How much are artists selling their back catalogues for?
In recent years, a new phenomenon has swept through the music industry, and it shows no signs of slowing down. It’s become the norm for artists to sell off their back catalogues of material, and the severe financial rewards perfectly explain why they are willing to give up the rights to their masters.
There are various reasons why these deals are so alluring for artists. Not only is there a major lump sum which they receive upon selling the rights to their back catalogue, but there are also significant tax cuts that make it even more beneficial. Furthermore, most artists participating in these deals are reaching their autumnal years, and the money matters more to them now than potential future earnings in 20-years-time.
Another factor to consider is the streaming age, which has stopped artists from selling as many records as they did in previous eras. Therefore, it makes financial sense to cash in and enjoy the last chapter of life surrounded by unfathomable riches.
Primary Wave are leading from the front when it comes to the industry. In 2021, their founder/CEO Larry Mestel told Billboard: “When we started in 2006, I did not want to be a normal publisher, which provided no value. Music publishers put their feet up on their desks, waited for the phone to ring — when they licensed a song because somebody called them — they gave each other high-fives and thought they’d done a great job of marketing. That’s not marketing. Because I came from the record-label side of the business, I understood that to break artists, you have to generate opportunity.”
How much are artists selling their back catalogues for?
Bob Dylan
In January 2022, Sony Music Entertainment announced they’d bought the rights to the entire recorded music catalogue of Bob Dylan. The deal includes the masters to every single album the singer-songwriter has put out in his six decades of performing, plus “the rights to multiple future releases”. According to Billboard, Dylan’s master rights are estimated to be worth over $200 million.
“Columbia Records and [Sony Music Group Chairman] Rob Stringer have been nothing but good to me for many, many years and a whole lot of records,” Dylan said in a statement. “I’m glad that all my recordings can stay where they belong.”
Meanwhile, in 2020, it was revealed that the singer had sold his work’s publishing rights to Universal Music Publishing in 2020 for a reported sum of over $300 million.
Bruce Springsteen
In 2021, Bruce Springsteen became the latest artist to sell his rights and handed over the masters of his entire back catalogue and the publishing ownership to Sony Music Publishing in an astonishing $500 million deal.
Sony acquired the rights to everything Springsteen has released since he first penned a deal in 1972 with their subsidiary, Columbia Records. In total, they secured over 300 songs in the landmark deal, which makes sure his children don’t have to worry about a thing once his time comes to move on from this world.
Stevie Nicks
Fleetwood Mac singer Stevie Nicks is another artist who sold the rights to her back catalogue. In 2020, she announced a deal with Primary Wave, who purchased an 80% stake in her past material for a reported fee of $100 million. Additionally, as part of the deal with Nicks and Primary Wave, the investment company will look after her brand marketing opportunities. Furthermore, according to Forbes, “Additional terms of the deal enable her to sign new songwriters to a joint venture.”
“To say we’re excited to welcome the incredible Stevie Nicks to the Primary Wave family would be a dramatic understatement,” said Larry Mestel, CEO/founder of Primary Wave Music Publishing. “If Primary Wave were starting our company today, Stevie Nicks would be one of the shining pillars, a true legend among legends.”
Neil Young
Around the same time the above three artists featured on this list agreed to sell the rights to their publishing, Neil Young agreed to a £150m deal with Hipgnosis Songs Fund. As part of the deal, the Canadian relinquished the rights to 1,180 songs, which equates to 50% of his entire back catalogue.
“This is a deal that changes Hipgnosis forever,” Hipgnosis founder Merck Mercuriadis said of the Young deal. “I bought my first Neil Young album aged seven. ‘Harvest’ was my companion, and I know every note, every word, every pause and silence intimately. Neil Young, or at least his music, has been my friend and constant ever since.”
David Bowie
David Bowie didn’t sell the rights to his music while he was alive, but in 2022, his estate sold the late singer’s “entire body of work” in a $250m publishing deal with Warner-Chappell. The deal gives them the rights to everything Bowie released from 1968 until 2016, which is now under their ownership.
Warner Chappell Music Co-Chair and CEO Guy Moot said: “Bowie’s vision and creative genius drove him to push the envelope, lyrically and musically – writing songs that challenged convention changed the conversation and have become part of the canon of global culture. His work spanned massive pop hits and experimental adventures that have inspired millions of fans and countless innovators, not only in music but across all the arts, fashion, and media. We are looking forward to tending his unparalleled body of songs with passion and care as we strive to build on the legacy of this most extraordinary human being.”
Paul Simon
Paul Simon retired from touring in 2018, and four years later, he landed a healthy fee to see him through retirement when he sold up to Sony Music Publishing. Surprisingly, they opted to keep the deal’s details undisclosed, but since Simon has songs like ‘Bridge Over Troubled Water’ in his repertoire, it’s likely the figure will be over $100m.
“I’m pleased to have Sony Music Publishing be the custodian of my songs for the coming decades,” Simon said in a press statement. “I began my career at Columbia/Sony Records, and it feels like a natural extension to be working with the Publishing side as well.”
Sting
Another veteran of the rock world who sold up in 2022 is Sting, formerly of The Police. Reportedly, he was paid a handsome $300m fee to part ways for his publishing rights, which includes his solo career plus every track he wrote for The Police, but not the ones penned by his bandmates Andy Summers or Stewart Copeland.
“It felt natural to unite everything in one trusted home,” she said in a statement. “It is absolutely essential to me that my career’s body of work has a home where it is valued and respected. Not only to connect with longtime fans in new ways but also to introduce my songs to new audiences, musicians and generations.”
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